No, EMA was a terrible idea in the first place (think I was vocal on these boards to that extent), this is really more an example of the problem of introducing some form of monetary reward that should never have happened in the first place.
From the current students POV, their peers before them had it, therefore, why don't they get it? In reality most students managed to get to college or 6th form perfectly fine without a weekly stipend beyond what their parents gave them. They went out and got a part time job on the weekends etc.
That's what I did and that was less than 10 years ago...
one of the few good decisions made by the current coalition government and a very bad one made by the previous Labour, paying kids to get an education, sure pay FOR their education or perhaps offer them controlled subsidies when they need it, but just paying cash directly into their account (not even their parent or legal guardians account??), it was plain madness.
Students in a few generations time won't be too bothered it's gone as they never expected it in the first place.